India, Feb. 1 -- Union finance minister Nirmala Sitharaman on Saturday announced that annual income up to Rs.12 lakh will no longer attract any tax. The government cut personal income tax rates for some individuals in a bid to boost consumption across Asia's third-largest economy, which is projected to grow at its slowest pace in four years.

Currently, under the new regime introduced in 2020, annual income of up to Rs.15 lakh attracts a tax rate of between 5% and 20%, while income of more than Rs.15 lakh is taxed at 30%.

* Under the new tax regime, a nil tax slab will apply to annual incomes up to Rs.12 lakh ( Rs.12.75 lakh for salaried taxpayers with a standard deduction of Rs.75,000).

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